Failure to Adopt Sample Clauses
The "Failure to Adopt" clause defines the consequences or procedures that apply if a party does not formally accept or implement a required policy, standard, or agreement within a specified timeframe. Typically, this clause outlines what constitutes a failure to adopt, such as missing a deadline to approve new procedures or refusing to implement agreed-upon changes, and may specify remedies, penalties, or alternative actions that the other party can take. Its core practical function is to ensure that both parties are incentivized to act promptly and to provide a clear path forward if one party does not fulfill its adoption obligations, thereby reducing uncertainty and potential disputes.
POPULAR SAMPLE Copied 1 times
Failure to Adopt. In the event that any Participating Entity fails to adopt this Agreement, then this Agreement shall be effective with respect to those Participating Entities which adopt this Agreement provided, however, that if Granville County fails to adopt this Agreement, then this Agreement shall be null and void and of no effect. If less than all of the Participating Entities fail to adopt this Agreement, any of the other Participating Entities may withdraw from this Agreement prior to July 1, 2012 by appropriate board action.
Failure to Adopt. If, by the first day of any Contract Year after the first Contract Year, the parties are unable to reach agreement concerning any item or portion of the Annual Budget for such Contract Year, then the amount(s) of such item or portion of the Annual Budget for such Contract Year shall be equal to 105% of the amount for the corresponding item or portion of the Annual Budget for the preceding Contract Year.
Failure to Adopt. Unless and until the Management Committee adopts a new Annual Plan for an ensuing fiscal year of the Company, the then most recent Annual Plan adopted by the Management Committee shall continue as the Annual Plan for such ensuing fiscal year; provided, however, that such existing Annual Plan will automatically be adjusted for such ensuing fiscal year to (i) properly account for changes in non-discretionary expenditures such as real estate taxes, insurance premiums, utility charges and emergency repair costs; (ii) limit capital expenditures to only such capital expenditures which are already provided for in such existing Annual Plan or in a previously existing Project Plan but which have not yet been expended; and (iii) exclude any and all provisions for Additional Contributions (other than as expressly provided in the prior two (2) clauses) and the acquisition of new Projects.
Failure to Adopt. If, by the first day of any Annual Period, the Parties are unable to reach agreement concerning any portion of the Annual Budget for such Annual Period, the Annual Budget proposed by Seller shall be in effect for such Annual Period. Those portions of such Annual Budget that are in dispute shall be resolved in accordance with the dispute resolution procedures set forth in Article 14 of this Agreement, and the losing Party with respect to any such arbitration shall pay all reasonable costs of the winning Party associated therewith, including interest at the Interest Rate on any overpayment by Buyer and reasonable attorneys' and arbitration fees.
Failure to Adopt. If, by 30 days prior to the first day of any Lease Year, the parties are unable to reach agreement concerning any portion of the Annual Operating Plan and/or Annual Budget for such Lease Year, those portions of the Annual Operating Plan and/or Annual Budget that are not in dispute shall become effective on the first day of the applicable Lease Year. The parties shall continue to work in good faith to resolve any remaining portions of the Annual Operating Plan and/or Annual Budget still in dispute, and until resolution is reached, those portions of the proposed Annual Budget and Annual Operating Plan shall become effective on the first day of the applicable Lease Year.
Failure to Adopt. If neither the Company nor any Members adopt the bona fide agreement, then the Transferor may proceed with the assignment and the Transferee shall become a Member. If the Company or Members adopting the bona fide agreement shall be in default on the agreement for a period of 6 months or longer, Transferor may foreclose his interest and transfer the same without approval of the Company. Upon such Transfer, the Transferee shall become a Member, subject to all of the rights, powers, restrictions, and liabilities of a Member, including any calls for capital contribution outstanding against the Membership interest transferred.